ANNOUNCEMENT 11 Jul 2019

The Australian government-funded Clean Energy Finance Corporation has announced the allocation of AUD 70 million to Cromwell Property Group.

NUMBER OF INTERVENTIONS

2

  • 1 harmful
  • 1 neutral
  • 0 liberalising

SOURCE

Clean Energy Finance Corporation. Media. "Canberra landmark gets second life as state-of-the-art seniors living village" Available at: https://www.cefc.com.au/media/files/canberra-landmark-gets-second-life-as-state-of-the-art-seniors-living-village/

Australian Government. Department of Industry, Innovation and Science. Australian Industry Participation. Available at: https://industry.gov.au/industry/IndustryInitiatives/AustralianIndustryParticipation/Pages/default.aspx

Inception date: 11 Jul 2019 | Removal date: open ended

State loan

On 11 July 2019, the Clean Energy Finance Corporation (CEFC) of Australia has announced the allocation of AUD 60 million (circa USD 42 million at the time of the announcement) to LDK Healthcare a joint venture between Cromwell Property Group and Aspire Group.

The objective of the resources is to develop the LDK Greenway Seniors’ Living Village, a sustainable senior's living project in Canberra.

The new construction will count with energy-efficient lighting and smart controls, high-efficiency heating and airconditioning, over 700kw of solar PV installed on rooftops and parking areas as well as highest quality insulation, which are expected to halve greenhouse gas emissions when compared to current buildings.

 
Clean Energy Finance Corporation 
The Clean Energy Finance Corporation is a government-funded financier created to fund clean energies. To achieve these goals, the Australian government has provided credits of AUD 2 billion each year from 1 July 2013.
 
The statutory text, the Clean Energy Finance Act 2012, states that only solely or mainly Australian-based investments are eligible for these resources.

AFFECTED SECTORS

 
N/A

AFFECTED PRODUCTS

 
N/A
Inception date: 11 Jul 2019 | Removal date: open ended

Local sourcing

The Clean Energy Finance Corporation financing is subject to the Australian Industry Participation (AIP) policy. This framework states that all programs enclosed in this policy must encourage the participation of Australian companies in major public and private projects carried in the country. In this sense, companies applying for a CEFC credit line must provide an AIP Plan to demonstrate the strategy to maximize opportunities for Australian industry to participate in the project. Therefore, it can be understood that the AUD 60 million (circa USD 42 million) finance allocated to LDK Healthcare is subject to local content requirements.